Page 39 - Trade

Gold price falls Rs 110 to Rs 59,950, silver dips Rs 500 to Rs 73,500

The price of 22-carat gold also dipped Rs 100, with the yellow metal selling at Rs 54,950

Trade settlement in INR btw India-Bangladesh to boost commerce: CII EXIM

India and Bangladesh commencing cross-border trade settlement in Indian rupee (INR) would promote two-way commerce by reducing transaction cost, an industry official said on Sunday. CII national committee on EXIM Sanjay Budhia said that since all exports and imports and settlement of trade transactions under this arrangement may be denominated and invoiced in INR, this would also reduce dependence on the US Dollar and would address situations like scarcity of forex reserves apart from strengthening regional currency and trade. In July, Bangladesh and India launched trade transactions in rupees with the aim of reducing dependence on the US dollar and strengthening regional currency and trade. This is the first time Bangladesh has done bilateral trade with a foreign country in addition to the US dollar. "This would certainly promote the growth of trade between the nations and support the increasing interest of the global trading community in INR," Budhia said adding due to this ...

China lifts tariff on Australian barley in a sign of improved relations

China is lifting a stifling 3-year-old tariff on Australian barley starting Saturday a sign of an improving bilateral trade relationship since Australia's government changed. China effectively closed its door to Australian barley in May 2020 by imposing an 80.5 per cent tariff after the previous Australian government angered Beijing by calling for an independent inquiry into the origins of, and responses to, the COVID-19 pandemic. On Friday, both governments confirmed the resumption of trade in the grain that was worth 916 million Australian dollars (USD 602 million) in the year before China blocked imports. Australian Prime Minister Anthony Albanese welcomed the breakthrough, which comes as he plans his first visit to Beijing as government leader before the end of the year. This is a very positive decision, Albanese told reporters. When Albanese's government was elected in May 2022, he demanded Beijing drop a series of official and unofficial trade barriers against Australian ..

Chinese carmaker BYD faces investigation for underpaying tax in India: Rpt

India's Directorate of Revenue Intelligence (DRI) has alleged that China's largest electric vehicle (EV) maker, underpaid tax of Rs 73 crore ($9 million)

India's July edible oil imports hit record at 1.76 mn metric tonnes

India's average monthly edible oil imports in 2021/22 marketing year were 1.17 mn tonnes, trade body SEA said. In June, India imported 1.3 million tonnes of edible oils

12th round of India, UK free trade agreement talks to begin from August 7

As India and the UK are close to concluding negotiations for a proposed free trade agreement (FTA), chief negotiators of both countries will hold the 12th round of talks from August 7 here, an official said. Both sides are looking at concluding the talks before the end of the year. The main issues which could come up for discussions in this round include investment treaty, reduction of duties on auto and whiskey and matters pertaining to services, the official said. The 11th round of talks was concluded last month. For that round, Commerce and Industry Minister Piyush Goyal and Commerce Secretary Sunil Barthwal visited London and took stock of the negotiations. Out of the total 26 chapters in the FTA, 19 have been closed. Investment is being negotiated as a separate agreement (bilateral investment treaty) between India and the UK and it would be concluded simultaneously with the free trade agreement. In the rules of origin chapters, product specific rules are being negotiated whi

Tiger trade syndicate busted, ex-WPSI officer arrested: Govt agency

Wildlife Crime Control Bureau (WCCB), an apex body constituted by the Ministry of Environment, Forest and Climate Change (MoEF & CC) to combat the organised wildlife crime and illegal wildlife trade, issued a red alert to all Tiger reserves and tiger bearing areas to intensify the patrolling and sanitise all above areas from hunting gangs on July 29, 2023.A tiger skin and bones were seized and five offenders were arrested at Guwahati by Assam Forest and police officials on 28 June, 2023, Ministry of Environment, Forest and Climate Change said.The case was transferred by the Assam forest department to WCCB for investigation as the case showed involvement of multiple states.According to Ministry of Environment, Forest and Climate Change, the WCCB constituted an SIT to investigate the Guwahati tiger skin and bone seizure case. The preliminary interrogation of the offenders showed that the tiger body parts seized belong to the Gadchiroli area in Maharashtra. These initial ...

India should exclude premium rice variety from export ban: Trade body

India should allow exports of 1 million metric tons of a premium non-basmati rice variety favoured by overseas Indians, which are struggling to secure staple after New Delhi banned the exports

War, AI and climate change shaking up $32 trillion in global trade

Long before these trends are reflected in government data, they're already changing global commerce, which amounts to $32 trillion a year in goods and services

Trade between Russia, Africa reached $18 billion in 2022: Vladimir Putin

Talking about trade ties, Putin said, "Our mutual trade reached approximately 18 billion US dollars in 2022 and increased by nearly 35 per cent in the first six months of 2023."

RBI permits banks to open vostro accounts from 22 nations for rupee trade

The Reserve Bank has permitted 20 banks operating in the country to open 92 Special Rupee Vostro Accounts (SRVAs) of partner banks from 22 countries as part of efforts to promote bilateral trade in local currencies, the government said on Wednesday. In a written reply to Lok Sabha, Minister of State for Commerce and Industry Som Parkash also informed that an MoU has been signed between the Reserve Bank of India (RBI) and the Central Bank of UAE on July 15. This would enable exporters and importers to invoice and pay in their respective domestic currencies enabling the development of a bilateral foreign exchange market. As on July 23, 20 banks in India have been permitted to open SRVAs of partner banks from 22 countries, including Bangladesh, Belarus, Botswana, Fiji, Germany, Guyana and Israel. Other countries are Kazakhstan, Kenya, Malaysia, Maldives, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda, and United Kingdom. Meanwhile, .

Trade experts urge India not to ratify WTO contract on fisheries subsidies

Trade experts and some members of civil society have urged India not to ratify the fisheries subsidies agreement agreed upon by the World Trade Organisation members in Geneva last year and instead commence talks for a comprehensive pact. Members of the Geneva-based WTO on June 17, 2022, secured a 'Geneva Package' which included agreements on curbing harmful fishing subsidies and temporary patent waivers for the production of COVID-19 vaccines. The fisheries agreement finalised would prohibit developed countries, engaged in distant water fishing, not to provide subsidies for illegal, unreported and unregulated fishing activities. However, the countries have to negotiate about the other issues of the agreement which include overfishing and overcapacity. "We urge the government not to ratify this unequal agreement. Instead, the government should begin talks on the comprehensive agreement which is already mandated about disciplines for industrial fishing nations under Article 5 pertaini

India's rice export curbs put contracts for 2 million tonnes at risk

India's decision to ban non-basmati white rice exports will spur traders to cancel contracts to sell around 2 million metric tons of the grain, worth $1 billion, on the world market, dealers said

Rice prices to climb further after India export ban, trade at standstill

In Thailand, the world's second biggest exporter, suppliers were waiting to find out prices before signing new deals

It's time to get real about rupee's role in international financial system

New Delhi's own experiment with Russian oil should be a sobering reminder of how little sanctions have done to dethrone the US currency. Internationalizing the rupee will neither be swift, nor easy

From Africa to Latin America, trade in local currencies on the cards

Move comes after RBI-UAE Central Bank inks historic pact last week

Back to the new-old: West wind, East wind, or the warnings of a storm?

India has been well and truly bitten by the big-country bug, and is committed once more to import substitution-on-crutches, writes T N Ninan

Piyush Goyal meets UK counterpart to discuss free trade agreement

Goyal was on a two-day visit to the UK, which began on July 10

Bangladesh, India launch trade transactions in rupees to lower dollar use

Bangladesh and India on Tuesday launched a much-anticipated trade transaction in rupees, a move aimed at reducing dependence on the US dollar and strengthening regional currency and trade. This is the first time Bangladesh has done bilateral trade with a foreign country in addition to the US dollar. Bangladesh Bank Governor Abdur Rouf Talukder described the start of trade settlement in rupees as the "first step in a great journey". "The trade position between India and Bangladesh has seen remarkable growth, with both countries benefiting from their economic cooperation," he said at the launching ceremony here, which was also attended by Indian High Commissioner Pranay Verma. The central bank governor said the transaction costs during trade with India would reduce with the introduction of the Taka-Rupee dual currency card which was "almost ready (to be) launched from September". Bangladesh and India, however, stage frontier trading in certain areas called "border hut" in a semi-for

Bangladesh set to settle trades in rupee with India using nostro accounts

Bangladesh Bank and the Indian High Commission are expected to announce the news regarding the Indian currency at an event at Le Meridien Hotel in Dhaka tomorrow